Most cryptocurrencies heading to $0, Ripple boss says

[First77]

In time most digital currencies will be worthless, according to the head of the centralized cryptocurrency ripple, Brad Garlinghouse.
The majority of cryptocurrencies can’t be used as transactional currency, and they are being traded like assets, according to the CEO. Ripple and the company behind it are arguably the most criticized digital assets, as the whole idea of bitcoin as the first cryptocurrency was that it should not be regulated.

https://www.rt.com/business

[marjil]

Brad Garlinghouse also said that "Bitcoin — which is 1,000 times slower and more expensive than XRP — will still be used as a store of value, similar to the role that gold has played. But it won't be used for payments".

In this scenario, the value of bitcoin will decrease by quite a significant amount, but will not go to zero. This is because the payments aspect of bitcoin is already priced into its valuation. Once we take that out, the price will drop.

[EthanB]

I think "most" is being generous. Almost all are worthless already and only have some strange forced artificial value being associated with them. Bitcoin is an exception because it brings something unique to the table, sets the tone, has a solid foundation. Ripple is heading for $0 as soon as people smarten up to their centralization schemes and price manipulation. Ethereum might have a chance of holding steady for awhile and even secure a niche position next to Bitcoin. There are very few currencies providing any real solutions or alternatives, most are just renames and piggy-backs.

Brad Garlinghouse also said that "Bitcoin — which is 1,000 times slower and more expensive than XRP — will still be used as a store of value, similar to the role that gold has played. But it won't be used for payments".

In this scenario, the value of bitcoin will decrease by quite a significant amount, but will not go to zero. This is because the payments aspect of bitcoin is already priced into its valuation. Once we take that out, the price will drop.

I have no clue how you figure if more people use bitcoin to store value that it's cost will decrease. Please explain this to me. Are you saying that people will stop using Bitcoin more than they already have, even though developers are eventually going to increase blocksize and render most alternatives worthless?

[monkeydominicorobin]

In time most digital currencies will be worthless, according to the head of the centralized cryptocurrency ripple, Brad Garlinghouse.
The majority of cryptocurrencies can’t be used as transactional currency, and they are being traded like assets, according to the CEO. Ripple and the company behind it are arguably the most criticized digital assets, as the whole idea of bitcoin as the first cryptocurrency was that it should not be regulated.

https://www.rt.com/business

Is 42 Coin headed to zero dollars? Just look at its value. Market forces doesn't allow zero valuation. Manipulation allows zero valuation. So if cryptocurrencies goes to zero then only manipulation is at work. Period.

[marjil]

I think "most" is being generous. Almost all are worthless already and only have some strange forced artificial value being associated with them. Bitcoin is an exception because it brings something unique to the table, sets the tone, has a solid foundation. Ripple is heading for $0 as soon as people smarten up to their centralization schemes and price manipulation. Ethereum might have a chance of holding steady for awhile and even secure a niche position next to Bitcoin. There are very few currencies providing any real solutions or alternatives, most are just renames and piggy-backs.

Brad Garlinghouse also said that "Bitcoin — which is 1,000 times slower and more expensive than XRP — will still be used as a store of value, similar to the role that gold has played. But it won't be used for payments".

In this scenario, the value of bitcoin will decrease by quite a significant amount, but will not go to zero. This is because the payments aspect of bitcoin is already priced into its valuation. Once we take that out, the price will drop.

I have no clue how you figure if more people use bitcoin to store value that it's cost will decrease. Please explain this to me. Are you saying that people will stop using Bitcoin more than they already have, even though developers are eventually going to increase blocksize and render most alternatives worthless?

No that's not what I said. What I said was that many people still expect bitcoin to expand its use as a payments method and part of the value must be related to this expectation. So, if Brad is correct in his assumption that bitcoin will never take off as a mainstream method of making payments then this will adversely affect the price of bitcoin, all other things being equal.

Obviously there may well be many other factors that affect the price of bitcoin which could make the price go up or down. Also, Brad's assumption could be wrong, if block sizes, speed of transactions and cost change for the better. In that scenario the price of bitcoin would appreciate.

[First77]

Silver is $16/ounce and Gold is $1325/ounce now..

[EthanB]

So, if Brad is correct in his assumption that bitcoin will never take off as a mainstream method of making payments then this will adversely affect the price of bitcoin, all other things being equal.

I agree if that were the case. There is overwhelming evidence that Brad is incorrect though. Everything that Brad is basing this statement on is something that can be changed instantly and already was planned for change from the beginning of Bitcoin. The blocksize is the biggest hurdle for mass-adoption, faster confirmations, etc. Satoshi originally planned for this to increase, so when it does all of his reasons for why Bitcoin will never take off as "mainstream" dissipate.

Obviously there may well be many other factors that affect the price of bitcoin which could make the price go up or down. Also, Brad's assumption could be wrong, if block sizes, speed of transactions and cost change for the better. In that scenario the price of bitcoin would appreciate.

Yeah, at least you acknowledge enough for me to say you're being reasonable about it. I just disagree with Brad, because as I said it was a part of the plan from the beginning to increase blocksize. It seems like we agree on everything except for what is likely to happen for Bitcoin's development and future; I'm willing to deal with this, but I do feel firmly that these obstacles will be tackled at some point. Only greed and fear are keeping Bitcoin in its current state.

[Walrus1]

 Brad is a pompous ass who is sitting on sixty percent of his shit coin that no banker will use. He made his money off the open source of btc and now he wants to knock it down. He wants xrp to be the only coin so he can be top of the list in Forbes. So all crypto will be worthless but his, spoken like a member of the tribe

[alyssa85]

Well, I'm not convinced Ripple is going to survive as a coin either. Most of the "adoption" by banks is of Ripple's non-coin products, and it's not clear that any of the banks will keep them on, after the trial period. Especially if other coins and blockchains gain marketshare. So it's insane that Ripple's price rises everytime they make these announcements (though to be fair to investors, Ripple tries to hide the fact that it's their non-coin products that are being purchased).

Bloomberg did an interesting segment on how the banks were not interested in Ripple as a coin:

https://www.youtube.com/watch?v=NhieGgf219Y

[marjil]

Yeah, at least you acknowledge enough for me to say you're being reasonable about it. I just disagree with Brad, because as I said it was a part of the plan from the beginning to increase blocksize. It seems like we agree on everything except for what is likely to happen for Bitcoin's development and future; I'm willing to deal with this, but I do feel firmly that these obstacles will be tackled at some point. Only greed and fear are keeping Bitcoin in its current state.

I don't know what will or will not happen, nor whether all the "experts" (Like Brad!? and many others!) are right or wrong. I do believe though that they cannot know what is going to happen. What everybody is doing is called "guessing", a well known activity that people engage in but pass it on as an actual forecast of some future event!

What we do know is what has happened up to this point. We know that bitcoin has not entered the mainstream as a payment system. We know that it has developed much more extensively as a store of wealth. We know that there is a growing number of speculators trading bitcoin for short term gains. We know there are developments in the pipeline that will tackle speed of transactions, cost of transactions, etc. but we cannot know how effective these will be. In fact, we know very little and we too are just giving our best guess. We are as "expert" as "the experts".

[gantez]

Although I'm not looking at the market strategy to try to push in the popularity of ripple but obviously, we have shit coins that worth nothing and, are gradually dying off and delisted from exchanges

[nskendrovic]

Ripple boss is an idiot and a liar. He has created his centralized coin and wants other coins to go to $0. This will not happen and he is lying to promote his coin.

Stop listening to people like him.

[pedrog]

These people get press time just for stating the obvious, the majority of cryptocurrencies that ever existed already went to zero, many never went above zero value, I assume this trend will continue in the future.

BTW, some coins still have above zero value but lack any volume and don't have any buy orders, they're as good as zero value.

[Anti-Cen]

Well hold on a second

"centralized cryptocurrency ripple"

The miners using mining pools is centralization as is Bitcoin using DNS lookup's when
new nodes first start up and don't even get me started about bankers because the
lightning network is all about banks and worse still these bank hubs become a single
point of failure if you only open one channel.

Ripple is excellent to use for learners because if things screw up then at least you
can contact someone and it's public ledger is as good as they come and you ignore that
bitcoins LN is all "off-block"

Peek Ripple fees was about $0.01 and peek bitcoin fees was $55.00 and if you really like
bankers then you need to stick with Bitcoin me thinks

[Red-Apple]

it is funny to hear this from one of the most iconic shitcoin that has existed among altcoins ever. a centralized coin that has failed to do anything apart from getting pumped and dumped.

I see Bitcoin at $100

what are you smoking

[sinkelo]

If this is true.. then i'm gone!

[JuniAiko]

Brad Garlinghouse also said that "Bitcoin — which is 1,000 times slower and more expensive than XRP — will still be used as a store of value, similar to the role that gold has played. But it won't be used for payments".

In this scenario, the value of bitcoin will decrease by quite a significant amount, but will not go to zero. This is because the payments aspect of bitcoin is already priced into its valuation. Once we take that out, the price will drop.

But what makes XRP any more special than other more decentralized altcoins such as LTC/XLM that are also faster than BTC that are also gaining adoption in individual/small-businesses use?

The Ripple Network on the other hand caters to big corporations and big banks; however, the adoption of the use of the Ripple Network (which benefits the Ripple company) do not mean the XRP token is being adopted for actual use.

[JuniAiko]

Well, I'm not convinced Ripple is going to survive as a coin either. Most of the "adoption" by banks is of Ripple's non-coin products, and it's not clear that any of the banks will keep them on, after the trial period. Especially if other coins and blockchains gain marketshare. So it's insane that Ripple's price rises everytime they make these announcements (though to be fair to investors, Ripple tries to hide the fact that it's their non-coin products that are being purchased).

Bloomberg did an interesting segment on how the banks were not interested in Ripple as a coin:

https://www.youtube.com/watch?v=NhieGgf219Y

People need to understand that there is a big difference between the Ripple Network, and the XRP token.

Banks/Companies using the Ripple Network are not obligated to utilise the XRP token, and most prefers not to do so.


Meanwhile:

Online Payments Company Stripe drops Bitcoin, eyes Stellar, OmiseGO
https://www.newsbtc.com/2018/01/25/online-payments-company-stripe-drops-bitcoin-eyes-stellar-omisego/

and

Stellarport, Stellar Lumens’s Decentralised Exchange, is now live
https://www.finder.com.au/stellarport-stellar-lumens-decentralised-exchange-now-live

[HasHe]

Brad Garlinghouse also said that "Bitcoin — which is 1,000 times slower and more expensive than XRP — will still be used as a store of value, similar to the role that gold has played. But it won't be used for payments".

In this scenario, the value of bitcoin will decrease by quite a significant amount, but will not go to zero. This is because the payments aspect of bitcoin is already priced into its valuation. Once we take that out, the price will drop.

No bitcoin would also be used for payments once lightning network gets activated and transaction fee becomes very low.Already the fee has come down and transactions are getting confirmed quickly.

Once it again gets used as currency for payments,its demand would increase more which would only lead to increase in its price.

Ripple is just a centralized currency and people would not show interest in buying it continuously.Its just usdd more for inter banking transactions and that's why,its marketcap has increased.

[imapessimist]

I think only a few will survive in the longterm.  Say five or ten years.  Others will come and go.  But people will have to decide if they are a currency or a means of investment.  Not sure they can be both.  Because who wants there money in a currency that might drop overnight by quite a lot.  Nobody.